1979 (2) TMI 135

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..... a gross profit of Rs. 27,411- on the total turnover of Rs. 1,99,463 in hardware business. The gross profit works out at 14 per cent. In medicine the assessee has disclosed a gross profit of Rs. 14,900 on the total turnover of Rs. 1,42,904. The gross profit works out at 10 per cent. The Income tax Officer has rejected trading results of the assessee and estimated the gross profit at 17 1/2 per cen .....

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..... s submitted that the rate of gross profit of 10 per cent is generally accepted. It is further stated that the AAC while checking the percentage of profit earned by the assessee in medicine has not considered the sales tax paid by the assessee. If this is considered the gross profit comes equal to the rate of gross profit disclosed by the assessee. 4. We have perused the materials on record. It i .....

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